The Cheapskate Trophy is a trophy that appears in the episode Kracked Krabs. It is given to the cheapest crab underwater every year. In that episode, the Cheapstakes give it to Mr. Krabs, because he is the Cheapest Crab of the year.
After Mr. Krabs took the trophy, it appeared to be attached to a string, and they pulled it back as a gag.
It is a golden Trophy. It has a claw of a crabs on it, which looks similar to the one on the Magic Claw. It has a penny at the top, because it is the Penny Pinchers contest.